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One-in-ten high value homes sold before reaching market

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A ‘significant’ number of high value homes are being sold before reaching the open market according to a high-end estate agent.

As many as one-in-ten properties worth £600,000 or more are sold before even being placed on the market, estate agent Eadon Lockwood and Riddle (ELR) has claimed.

In most cases the properties are sold to buyers who have already registered their details with an estate agent.

ELR said the smaller supply of high value properties and a surge in demand had created this issue.

It said this year the proportion of homes sold before reaching the open market could reach 20%.

James Ross, a director at ELR, said: “Currently 30% of our clients are looking at the market for properties exceeding £600,000, but at any given time this price range makes up less than 5% of our portfolio.

“When I meet new clients who are hoping to sell their home I can often match them to the ideal buyer after seeing their property.

“Often through a quick phone call alone, viewings can be arranged, and quick sales are made as the interested audience know what they want, where they want it to be and are in a position to buy and move quickly.

“Traditionally, properties over £600,000 take time to sell, but by contacting buyers we already know will be interested deals are being made within a matter of days, largely driven by the reality that there are fewer properties in this price bracket, and they come on the market less often.”

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